During a recent interview with ETF analyst Neta Geraci, Sal Gilbertie, CEO of Teucrium, stated that the leveraged XRP exchange-traded fund (ETF) was the firm’s most successful launch to date.
“A terrific response. There was overwhelming excitement,” he said.
Gilbertie claims that the launch of the ETF took a lot of people by surprise since the filing was mostly overlooked.
“We filed as soon as we could after the old SEC regime left,” he said.
As reported by U.Today, the very first U.S.-based XRP ETF made its debut under the ticker XXRP in the U.S. earlier this week. The product offers 2X exposure to the mercurial token, which makes it suitable for short-term speculation on volatility.
The product debuted with roughly $5 million in trading volume. Even though it was just a tiny fraction of the massive volume recorded by the iShares Bitcoin Trust ETF (IBIT) last year, Eric Balchunas, the most authoritative voice in the ETF space, described such numbers as “very respectable” in current conditions.
Gilbertie has stated that he happens to be an XRP fan, adding that the token is “very legitimate.”
As for the recently launched ETF, Gilbertie has stressed that it should be treated solely as a short-term trading tool since it resets on a daily basis. “That means that if XRP goes sideways, you will lose money,” he stressed.
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